1412 Whitney Ave Apt J1

North Haven, CT 06517

$105,000B-

2 bd · 2.0 ba · 1,360 sqft · Built 1987 · Condo · Under Contract · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,504/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$472
• HOA: −$310
• Vac / Maint / Mgmt: −$526
• Net cashflow: $645/mo
• Annual: $7,744/yr
• Cap rate: 13.67%
• Cash-on-cash: 26.34%
• DSCR: 2.17
• 1% rule: 2.38%
• Cash to close: $29,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $105k.
• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $105k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#39 in CT, #2,723 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living D-.
• Hamden School District (suburban): math 30% / reading 43% proficiency, ranked #106 of 153 in CT (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spring Glen School (math 68% / reading 73%, grade A-, #75 of 553 statewide, top 14%, 370 students, 24% FRL); Hamden High School (math 21% / reading 44%, grade F, #125 of 194 statewide, top 66%, 1,672 students, 39% FRL) — zoned schools at 31% FRL track the district average.
• Zoned-school proficiency averages 52% at this address vs 36% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Hamden School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 4.9% of price.
• Market conditions: Rents flat; 84 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,059 units permitted in South Central Connecticut Planning Region in 2024 (779 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.7% vs local median 4.0% in North Haven — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.